Silver Futures Traders: It’s No Time To Slip Here

Silver futures recorded a major bullish price reversal in early 2020, leading to a multi-month rally that pushed prices as high as $30.

Since peaking out earlier this year, silver futures have toiled in an $8 trading range and are facing a BIG test right now!

As you can see in today’s long-term “monthly” chart, Silver futures are testing a major price support/resistance line at (1). This has served as a pivot for the past 40 years!

Line (1) is also the 61.8% Fibonacci retracement of the 1980 price high to 1990’s price low.

Silver is testing this line once again at (2) — this time is coming in the way of support. Will this area hold… or will it give way to a bigger decline?

(Click on image to enlarge)

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